Mandarin Oriental puts GFC behind it
In an update to the UK Financial Services Authority, Mandarin Oriental International has revealed that a continuation of the occupancy-led recovery reported in the first half of the year has enabled the group to increase average room rates closer to levels seen prior to the financial crisis in 2008.
“Most hotels within the portfolio have maintained or enhanced their market positions relative to the competition,” said a statement issued in Hong Kong.
In October 2010, the group announced it would manage a 362-room hotel with 210 serviced apartments currently under construction in the new Lujiazui Central Financial District in Pudong, Shanghai.
The opening of Mandarin Oriental Jnan Rahma, Marrakech, previously scheduled for the end of 2010, will now not occur before the first quarter of 2011.
A further 14 new hotels are under development, although some are experiencing delays and one previously announced project in Atlanta will not proceed.
The group said it remains in a strong financial position with net debt in line with what was reported at the half year.
Ian Jarrett
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